Industry news:
During the financial crisis in 2008 many investors lost nearly half of their retirement savings. In looking for a 'safe haven' many turned to precious metals. Unfortunately, investors unknowingly directed their inquiries to unscrupulous boiler rooms where they paid outrageous mark-ups on their purchases and immediately lost 30-50% or more of their remaining assets
There is no such a thing like "safe haven" under the condition like the current with Corona virus. I always focus on the charts and the momentum like the main road map.Technical analysis:
Gold has been trading sideways in past 24 hours at the price of $1.473. The price is exactly at the Pitchfork lower parallel line.
The main pivot support is set at the price of $1.450. The breakout of this level to the downside would confirm potential test of $1.400 and even $1.350 (Warning line 1).
Stochastic oscillator is showing bear cross and current oversold condition.
Resistance level is set at the price of $1.519.
Support levels and downward targets are set at the price of $1.450, $1.400 and $1.350.
